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5 WealthTech platforms simplifying credit score tracking in India

By Gloria Mathias

June 10, 2024

  • CIBIL Score
  • Credit Score
  • Credit Tracker
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Credit Score, Fintech News, Fintech Solutions, WealthTech Solution, Wealth management,  WISHFIN, Loans, Lending, LendTech, CIBIL Score, NBFC, Fibe, PaySense, OneScore, Moneyview, Credit Tracker, India Fintech News, India  News, Fintech Listicle, The WealthTech space is on the rise, paying due credit to the FinTech industry digitising wealth management. Credit scores are vital indicators of an individual’s financial health, influencing loan approvals, interest rates, and even employment opportunities. Accurate and up-to-date credit tracking enables individuals to monitor their financial behaviour, ensuring they maintain or improve their credit scores.

A credit score is a numerical representation of an individual’s creditworthiness, reflecting their ability to repay borrowed money. Lenders, such as banks and credit card companies, use credit scores to evaluate the risk of lending to a person. Credit scores are typically calculated based on information in a person’s credit report, which includes their credit history, current debts, and other financial behaviours.

For instance, consider a young, salaried professional seeking to purchase their first home. By regularly tracking their credit score through a WealthTech platform, they can identify and rectify any discrepancies in their credit report, optimize their credit usage, and strategically manage their debts. This proactive approach not only enhances their chances of securing a mortgage at a favourable interest rate but also instills disciplined financial habits.

In today’s digital age, where financial decisions are increasingly data-driven, the ability to track and improve one’s credit score is more relevant than ever. It empowers individuals to take control of their financial future, opens up access to better financial products, and fosters a more inclusive financial ecosystem. WealthTech platforms that integrate comprehensive credit tracking tools are, therefore, playing a crucial role in democratizing financial literacy and ensuring that users are well-equipped to navigate their financial journeys.

Below are 5 WealthTech platforms simplifying credit score tracking in India: 

Fibe (formerly EarlySalary) is a FinTech start-up in Pune. It is building a mobile-first platform and smart risk-scoring system and will soon introduce a fast & easy way to get a loan or buy products and pay later. Fibe Credit Score Analyser helps you compare your credit score against Fibe’s best borrowers and understand where you stand. One can get to know the impact of their credit behaviour easily and get tips on actions that can help you boost your score.

Founded in 2015 and based out of Mumbai, Paysense is a venture-backed financial services startup. It makes all things finance more simple, accessible and transparent. It specializes in using advanced data sciences to provide credit without the hassle of complex application processes, arduous physical proofs and long waits.

Moneyview is a digital platform that offers financial services, including personal loans, credit score checks, and savings tools. Moneyview offers collateral-free personal loans ranging from Rs 5,000 to Rs 10 lakh for tenures of 3 to 36 months. Moneyview also has an alternative credit-scoring model to help applicants with low credit scores get loans. Moneyview offers free credit reports and offers pro-saver accounts with high returns.

Wishfin is a FinTech company that has pioneered financial marketplaces in India. Its offerings span a broad range of product genres, such as Personal Loans, Home Loans, Credit Cards and CIBIL Score. Wishfin is also the official FinTech partner of TransUnion CIBIL.

OneScore, a part of OneCard, is an Indian FinTech that helps users manage their credit scores and get personal loans. The OneScore app helps you build and improve your credit score. It offers a number of features that can help you understand your credit score and how to improve it with a detailed analysis of your financial behaviour in a report.

Also read: NextGen WealthTech: The Trends To Shape The Future Q4 2023

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